Krispy Kreme: Reports Robust Q1-2022 Financial Results

Charlotte / NC. (kkd) Krispy Kreme Doughnuts Inc., since May 2016 indirect controlled member of Luxembourg’s JAB Holding Company, reported strong financial results for the first quarter ended April 3, 2022 with net revenue growing 15.8 percent year-over-year to USD 372.5 million while organic revenue grew 15.0 percent to USD 370.1 million with high growth across all three segments. Sales per Hub in the U.S. and Canada increased by 19.4 percent year over year to USD 4.3 million while International Sales per Hub leapt 49.2 percent to USD 9.7 million, driven by a 21 percent increase in global points of access and a significant increase in U.S. and Canada weekly sales per Delivered Fresh Daily (DFD) door.

GAAP Net Income for the quarter was USD 6.5 million compared to a loss of USD 0.4 million a year ago while GAAP diluted Earnings Per Share for the quarter was USD 0.02 compared to a loss of USD 0.03 last year. Adjusted diluted Earnings Per Share was USD 0.08 for the quarter, compared to USD 0.11 last year primarily due to share dilution from an increased share count following the IPO. Adjusted Ebitda grew 5.4 percent in the quarter to USD 48.9 million led by a 90 basis point improvement in U.S. and Canada margins.

Growth was driven by the performance and expansion of Krispy Kreme’s Omni-channel model, and strong performances across all three business segments. Global Points of Access, which reflect all locations where fresh doughnuts and cookies can be purchased, increased by 600 during the quarter, providing customers access to Krispy Kreme in more than 11,000 locations around the world.

Commenting on the Company’s performance, President and CEO Mike Tattersfield stated, «Our results in the first quarter continue to demonstrate the benefits of our omni-channel model and global expansion strategy, which allow us to meet consumer demand with premium, fresh doughnuts in a capital efficient manner. Our global Valentine’s Day and St Patrick’s Day campaigns and limited time offerings such as our Twix and Rolo Doughnuts resonated strongly with consumers, highlighting the opportunities for premiumization and the gifting and sharing power of the brand.»

Mike continued, «We continue to be well-positioned to deliver another year of double-digit revenue growth in 2022 despite macro-challenges. Our performance will continue to be driven by the expansion of our omni-channel model as we significantly expand our points of access and continue our transformation to the more profitable and capital efficient Hub and Spoke model in the U.S. and Canada. In addition to Switzerland and Chile, we are excited to announce plans to open in Jordan and Costa Rica this year with several other new countries in the pipeline as we work to expand our global footprint.»

For additional information please read the Company’s PDF file below (97 KB):

20220512-KRISPYKREME-Q1-2022
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